Financial Planning a Government Farce, page-4

My thoughts are firstly that any industry canvassed for complaints from its customers would unearth a similar plethora of poor form. Only last week for instance, my wife was stitched up on a car repair bill, when the mechanic wrongly assumed she was an uniformed customer.

Secondly, the fallout from the royal commission will inspire a lift in even more bureaucratic webs of compliance, and this will in turn increase the cost of advice that will ultimately be passed on to the client in some way shape or form. This increased cost will fuel more complaints, and so on and on it goes.

In a perfect would, best interest would apply naturally, with Government involvement non existent other than to revoke licences when it is obvious this test has not been applied. Also a maximum hourly rate of fee for service should apply with all other fee formats outlawed. Product manufacturers should be divorced entirely from Financial Planners. Then finally, natural selection should apply, with recalcitrant planners executed until the gene pool quality is raised sufficiently high.